Retail Radar: Jul 15 — Trading Earnings as Flows Cool

Research evidence excerpt

Retail Radar: Jul 15 — Trading Earnings as Flows Cool

J P M O R G A N Global Markets Strategy

15 July 2026

Retail Radar

Jul 15 — Trading Earnings as Flows Cool

Retail Trading Activity Overview Equity Strategy and Quantitative

Research

• Retail flows decelerated to 24% below their YTD average, driven by Arun Jain AC

weaker ETF flows (18%ile) while single-stock activity also slowed (to 51%ile (1-212) 622-9454

arun.p.jain@jpmorgan.com

from 86%ile last week). Attention began to shift toward the 2Q earnings J.P. Morgan Securities LLC

season, which kicked off Tuesday with strong bank results. AC Shizuka Suga, CFA

• ETF weakness was broad-based. The largest segment, large-cap ETFs, saw (1-212) 622-2134

subdued inflows this week (-1.0z). Within sectors, positioning in Semis turned shizuka.suga@jpmorgan.com

modestly more defensive, with investors selling SOXL (-1.8z) and buying J.P. Morgan Securities LLC

SOXS (1.6z). Activity in energy and crude-linked ETFs was muted (BNO - Ana Pous Avila

0.4z; USO -0.3z; XLE 0.0z; SCO 0.2z). By contrast, financials ETFs stood (1-212) 622-0496

ana.pousavila@jpmorgan.com

out, posting their largest inflows in 14 months, 2.5z, Figure 1RetailImbalanceinFinancialsattheir14mhighs. J.P. Morgan Securities LLC

• Retail investors continue to add exposure to Tech and Communications. The William Matheson

Mag 7 have reasserted themselves as positioning in Semis has softened so far (1-212) 622-9538

in July: NVDA, TSLA, and MSFT lead month-to-date buying, alongside william.matheson@jpmchase.com

J.P. Morgan Securities LLC

SPCX and SNDK (with SNDK flows plateauing since July 2, Figure 2CumulativeRetailImbalanceinSNDK).

Khuram Chaudhry

• The 2Q Earnings season opened on a strong note: (44-20) 7134-6297

khuram.chaudhry@jpmorgan.com